Chemist Laboratories Ltd purchases from suppliers and sells to retailers a brand of cosmetic in the month of December 20

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Chemist Laboratories Ltd purchases from suppliers and sells to
retailers a brand of cosmetic in the month of December 2020. All
cosmetic items are identical.
During the month of December 2020, the following inventory
transactions took place in the Chemist Laboratories Ltd:
Opening inventory recorded on 1 December 2020; 10 units
@$21.50
Purchased on 1 December 2020; 20 units @$19
Sold 5 units on 10 December 2020
Sold 16 units on 12 December 2020
Purchased on 15 December 2020; 15 units @$18
Chemist Laboratories Ltd purchased 35 units, sold 21 units and
has 24 units on stock at the end of December. The company uses the
perpetual inventory costs flow system to record the inventory.
Required:
First in First out (FIFO) method [8
Marks]
Weighted average cost method [7 Marks]
Chemist Laboratories Ltd purchases from suppliers and sells to
retailers a brand of cosmetic in the month of December 2020. All
cosmetic items are identical.
During the month of December 2020, the following inventory
transactions took place in the Chemist Laboratories Ltd:
Opening inventory recorded on 1 December 2020; 10 units
@$21.50
Purchased on 1 December 2020; 20 units @$19
Sold 5 units on 10 December 2020
Sold 16 units on 12 December 2020
Purchased on 15 December 2020; 15 units @$18
Chemist Laboratories Ltd purchased 35 units, sold 21 units and
has 24 units on stock at the end of December. The company uses the
perpetual inventory costs flow system to record the inventory.
Required:
First in First out (FIFO) method [8
Marks]
Weighted average cost method [7 Marks]